Foreign trade zone approved for five counties including Ontario

U.S. Sen. Charles Schumer announced Monday the approval of a foreign trade zone (FTZ) for Ontario County. Schumer spoke at East Bloomfield-based manufacturer Crosman Corp. in January, promoting for the approval of Ontario County's FTZ application – that will include Wayne, Seneca, Yates, and Livingston counties.

Comment

By Julie Sherwood

MPNnow

By Julie Sherwood

Posted Mar. 10, 2014 at 6:21 PM

By Julie Sherwood

Posted Mar. 10, 2014 at 6:21 PM

U.S. Sen. Charles Schumer announced Monday the approval of a foreign trade zone (FTZ) for Ontario County. Schumer spoke at East Bloomfield-based manufacturer Crosman Corp. in January, promoting for the approval of Ontario County’s FTZ application – that will include Wayne, Seneca, Yates, and Livingston counties.

Foreign trade zones are designated sites in the United States, licensed by the FTZ Board, where companies can benefit from delayed or reduced customs duties in order to level the playing field with foreign competitors. Now that Ontario County has been approved, Schumer stated he will continue to fight for approval of an FTZ subzone for Crosman Corporation to expand.

“I am thrilled that Ontario County and the five county Finger Lakes region has been approved for their long-awaited foreign trade zone designation, which will level the playing field for local companies that compete with China and other foreign companies,” stated Schumer. “With an FTZ in hand, businesses throughout the Finger Lakes region will save thousands on import duties, money they can pour right back into their business in the form of expanded production and new hires. This is an opportunity to reverse the trend of losing manufacturing jobs to China and actually in-source jobs to Ontario County; it’s an opportunity that cannot be delayed any longer.”

Schumer said that the Foreign Trade Zone Board approval of the Ontario County FTZ is a necessary first step before any individual company, such as Crosman, can be approved for an FTZ subzone. Now he will push to expedite final approval of the Crosman FTZ subzone.

The Ontario County FTZ will actually encompass not only Ontario County, but several adjoining counties including Wayne, Seneca, Yates, and Livingston. Schumer highlighted that there are many companies throughout the Finger Lakes, and others in Ontario County that stand to benefit from reduced or delayed customs duties. Furthermore, Schumer noted that a FTZ status for those counties would only increase their ability to attract new companies and investment.